The Smart Cube Financial Services Survey : Implications of The Credit Crunch
Listen or read any news site or publication over the last several months and talk of the economy is never far behind. Recession or no recession, individuals and corporations alike are clearly acting as if we are in one. Housing figures are flat to declining; oil is at an all time high; food prices are going through the roof; and the financial markets are reflecting this turmoil and volatility.
So what does all of this mean for the job market – and, in particular, the financial services job market?
At The Smart Cube, we’ve just put the wraps on a survey that assessed the financial services employment market – interestingly, from the perspective of the financial services (FS) recruiter. Why the FS recruiter? Because our intent was to check the pulse of the market – and who better to speak with than the very individuals whose daily bread, if you will, is dependent on this important market.
The findings of our study were very interesting:
- Recruiters are in virtually unanimous agreement that compensation for new Wall Street hires will decline – potentially by as much as 20 percent
- Wall Street job candidates, particularly at the more senior level, have significantly scaled back their compensation demands
- Employees with secure jobs are considerably less receptive to accepting new positions elsewhere.
- Recruiters are almost evenly divided as to how the collapse of Bear Stearns will affect Wall Street. While many believe there will invariably be a “trickle down effect,” there also is a widespread belief that the circumstances leading to Bear’s collapse were the result of “their (individual) financial health and situation”
- Most recruiters say the Wall Street job market was more adversely impacted by the collapse of the dot.com bubble than the current sub-prime mortgage crisis
The Smart Cube US Press Release.
The Smart Cube UK Press Release.
To receive a copy of our survey findings, go here.